DC METRO REAL ESTATE

Serving the Real Estate needs of the communities of Manassas, Bristow, Haymarket, Warrenton, Gainesville and Culpeper  in Northern Virginia


Dave Scardina  
Broker / Owner

703-829-SOLD

866-909-0900

Tips for Buying Haymarket Real Estate

Fixed Rate Loans in Haymarket


Advantages: As indicated earlier, predictability is the biggest incentive for choosing a fixed-rate loan for your Haymarket real estate mortgage.

Disadvantages: Fixed rate loans usually come with higher interest than the start up interest rate on a fixed loan. Down payments for your Haymarket on conventional, fixed-rate loans are usually higher than the down payment required for an ARM.

Haymarket Real Estate Cycles


During a slow economic time, fewer people are buying homes in the Haymarket market. Even so, some homeowners find themselves in a situation where they must sell. Families grow beyond the capacity of the home, employees get relocated, and some may even find themselves unable to make their mortgage payment - perhaps because of a layoff in the family.

During sellers' markets, Haymarket real estate sells quickly and sellers have a lot of pricing power. As a result, prices rise more rapidly than at other times. During buyers' markets, Haymarket real estate may sit on the market for a while before selling, so sellers become more flexible and may even drop their prices.


Guidelines for Buying Haymarket


Whether you are a seasoned veteran of real estate transactions or a first time buyer, my advice is the same: Know the Market, Know Yourself and Rely on Experts to give you the whole picture of what you are buying.

Know the Haymarket Market. Another way of stating this is Research, Research, Research. Of course the Internet is a great way to give an overview of Haymarket homes or homes in any given area but may not be enough, especially if you are looking to buy a home some distance from where you currently live. If you are looking to buy locally you can drive the neighborhoods that you are focusing on to get an idea if there are any problems you need to be aware of. Does part of the development back up to a busy highway? If so and if you want to avoid looking at homes in that area, know what streets are involved so you can recognize listings that may be involved.

Haymarket Real Estate Title Insurance


Buyers in the Haymarket market can be tempted to save money by foregoing a title search but the risks are heavy because title problems are many and varied. Some typical problems that title searches have uncovered include a second mortgage on a home that does not appear to have been paid off. The sellers borrowed money years ago from a parent who insisted that a second mortgage be recorded. The loan was repaid but the title wasnt cleared. Another typical Haymarket problem occurs when an owner had work done on the property but for one reason or another failed to pay the contractor in full. The contractor filed a mechanics lien on the property and it has never been removed. These are liens on the property and if you take title to a property without clearing these liens or encumbrances, you may be responsible them.


Before You Buy Your Haymarket Home


Whether you are a first time buyer or someone who is moving up to a more expensive home its a good idea to start by cleaning up your credit report. Lets say you apply for a loan to purchase an Haymarket condo, town home, single-family home or any type of Haymarket. The lender will check out your monthly income and outgo to determine if you can afford to repay the loan. Therefore, it is to your advantage to pay off as many high-interest consumer loans as possible. If you are planning on buying a car, a boat or other major purchase, put it off until after you have bought your selected Haymarket real estate. Lenders look for certain patterns they consider red flags. These are: late payments, overextension, liens, garnishments and, of course, bankruptcy. Remember, debts reduce the amount of cash you can spend on the Haymarket you want to buy, so clear the decks as much as possible before applying for a loan


What Makes Haymarket Sell?


The Condition affects its salability and possibly price. Haymarket that is in move-in condition will usually sell for a higher price than a home that suffers from deferred maintenance.

The Homes Accessibility refers to just that. Is the Haymarket accessible to shopping and local transportation? For some this would be a necessity and for others, the more remote the better.

Marketing Exposure refers to how Haymarket is advertised. Today the Internet is a fantastic way to market a home but it is still true that the best service a listing agent can do for sellers is to promote the home heavily with local brokers and agents. The Internet and other advertising certainly help, but it is still true that in most cases it is the agent that sells the home by making sure the right buyers know about it.